Central Pacific Bank Trust Division Buys 731 Shares of Spotify Technology S.A. (NYSE:SPOT)

Central Pacific Bank Trust Division lifted its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 34.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,869 shares of the company's stock after buying an additional 731 shares during the period. Central Pacific Bank Trust Division's holdings in Spotify Technology were worth $1,578,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in SPOT. Mpwm Advisory Solutions LLC acquired a new stake in shares of Spotify Technology in the 4th quarter valued at about $26,000. Hillsdale Investment Management Inc. bought a new stake in shares of Spotify Technology during the 4th quarter worth approximately $27,000. Copia Wealth Management bought a new stake in Spotify Technology during the fourth quarter worth $29,000. Quent Capital LLC lifted its stake in Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after purchasing an additional 57 shares during the last quarter. Finally, Noble Wealth Management PBC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $52,000. Institutional investors and hedge funds own 84.09% of the company's stock.

Wall Street Analyst Weigh In

SPOT has been the subject of several research reports. Benchmark raised their price target on Spotify Technology from $600.00 to $720.00 and gave the company a "buy" rating in a report on Wednesday, February 5th. Redburn Atlantic began coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They set a "neutral" rating and a $545.00 target price for the company. Rosenblatt Securities reduced their price objective on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Canaccord Genuity Group increased their target price on Spotify Technology from $700.00 to $775.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Finally, Guggenheim boosted their price target on Spotify Technology from $675.00 to $725.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Eight equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, Spotify Technology has an average rating of "Moderate Buy" and a consensus target price of $611.14.

Spotify Technology Stock Up 4.3%

SPOT traded up $28.66 during trading on Wednesday, reaching $699.73. 1,471,771 shares of the stock traded hands, compared to its average volume of 2,220,262. The stock's 50-day moving average is $603.63 and its 200 day moving average is $553.77. Spotify Technology S.A. has a 12 month low of $288.07 and a 12 month high of $701.59. The stock has a market capitalization of $143.24 billion, a PE ratio of 117.60 and a beta of 1.72.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Spotify Technology S.A. will post 10.3 EPS for the current year.

Spotify Technology Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.